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2026-11-03 - Police Pension Board of Trustees

Summary

Built from the posted agenda and the machine-generated captions of the roughly 89-minute recording; figures are as captioned and may be misheard. Minutes were not posted. All votes were by voice with no tallies stated.

  • The August 12, 2026 minutes were approved; the chair was absent and a quorum was present.
  • Pension Plans Experience Study and Custody Agreement: the actuary presented the experience study. No change was recommended to the 15-year amortization method. The investment return assumption is 7.125 percent; the investment consultant called it defensible against a peer average near 7 percent, and the actuary said lowering to 7 percent would raise the city contribution by about $250,000 and the unfunded liability by about $2.2 million. The combined recommended changes would add about $676,000 to the city contribution. For salary increases the assumption is 4 percent, the five-year actual average was about 8 percent and the actuary recommended 6 percent (about $373,000 more), with the board leaning toward 5 percent.
  • The board voted to table any assumption changes until at least the next meeting; a February decision was suggested, with valuations in March and April, and a step-down of 5 basis points a year over five years was mentioned. The plan closed in 2012.
  • Investment report to September 30, 2026: the fund fell from $156.3 million to $151.4 million in the quarter after paying out a little over $3 million, with a quarterly investment return of about negative $1.8 million, a fiscal-year investment return of about $12.7 million and 8.66 percent year to date net of fees. The plan trailed its benchmark for the quarter; one midcap growth manager was on watch and no manager changes were recommended.
  • Custody: the board approved an updated Regions custodial agreement with the fee rising from 3.5 to 4 basis points, and voted to run an informal request for proposals for custodian services. A pending legal case was reported dismissed.
  • New business approved: management fee invoices for the quarter, a $15,000 investment consultant invoice, a $13,830 legal invoice, $304.34 and $750 invoices, and trustee attendance at the January 31 to February 3, 2027 winter school, the June 27 to 30, 2027 annual conference and the September 26 to 29, 2027 fall school.

Agenda

I. Call to order. II. Determination of a quorum. III. Approval of minutes: August 12, 2026
IV. Officer and member reports
V. Actuarial report: Joseph Griffin, Foster & Foster, experience study
VI. Money monitor's report: Tyler Grumbles, Mariner Consulting, quarterly performance to September 30, 2026
VII. Attorney's report: Regions custody agreement
VIII. Administrator's report. IX. Unfinished business
X. New business

  • a. Management fee invoices for the period ending September 30, 2026: DePrince, Race and Zollo ($20,155.83 and $9,734.02); Integrity Fixed Income Management ($22,005.95)
  • b. Mariner invoice, $15,000.00
  • c. Leuchtman Law invoice, $13,830.00
  • d. Evergreen invoice, $304.34
  • e. FPPTA invoice, $750.00
  • f. Attendance at Winter Trustee School, January 31 to February 3, 2027 (Rosen Centre)
  • g. Attendance at the 43rd Annual Conference, June 27 to 30, 2027 (Signia by Hilton Bonnet Creek)
  • h. Attendance at Fall Trustee School, September 26 to 29, 2027 (Sawgrass Marriott Resort)
    XI. Requests from the public / employees present. XII. Information items. XIII. Adjournment

Sources

Video

Watch the recording (City meeting portal; not on YouTube).

Transcript

No transcript available.